An extension has been announced by Treasury in respect of the expanded Employment Tax Incentive age eligibility criteria and amount claimable as well as in respect of the deferral of the payment of employees’ tax liabilities, whilst excise duties on alcoholic beverages have also been deferred with immediate effect.
SARS has published issue 5 of the guide on valuation of assets for Capital Gains Tax (CGT) purposes. It specifically addresses determining the market value of assets for CGT.
SARS has published issue 8 of the Guide to the Urban Development Zone (UDZ) allowance. The sunset date for the UDZ allowance is extended to 31 March 2023.
National Treasury has published the 2021 draft Rates Bill; the 2021 draft Taxation Laws Amendment Bill and the 2021 draft Tax Administration Laws Amendment Bill. Due date for public comment: 28 August 2021.
SARS has released interpretation note 20 (issue 8) pertaining to the additional deduction for learnership agreements.
SARS has released interpretation note 86 (issue 3) pertaining to additional investment and training allowances for industrial policy projects.
SARS published a draft revised public notice in terms of section 210(2), relating to incidences of non-compliance, by individuals to file returns, that are subject to a fixed amount penalty in accordance with section 210(1). The draft notice, as well as an explanatory memorandum, have been published on 28 July 2021 for public comment, which is due by 11 August 2021.
This quick reference guide issued by SARS provides information and guidelines regarding the VAT treatment of non-executive directors and should be read in conjunction with Binding General Ruling 40 relating to “Remuneration Paid to Non-Executive Directors” and Binding General Ruling 41 (Issue 2) relating to the “VAT Treatment of Non-Executive Directors”.
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